WUHAN, China, Dec. 7, 2020 /PRNewswire/ — China Automotive Techniques, Inc. (Nasdaq: CAAS) (“CAAS” or the “Firm”), a number one energy steering elements and programs provider in China, at the moment introduced {that a} settlement listening to can be held on February 5, 2021 at 11:00 a.m. EST on the Court docket of Chancery within the Leonard L. Williams Justice Heart, 500 North King Road, Wilmington, DE 19801.
The aim of the listening to is to find out amongst different issues, (i) whether or not the proposed Stipulation of Settlement (“Settlement”) must be authorized as honest, affordable, and sufficient; (ii) whether or not the Motion must be dismissed with prejudice and the releases specified and described within the Settlement (and within the Lengthy-Type Discover) must be granted; and (iii) whether or not Plaintiffs’ Counsel’s utility for an award of attorneys’ charges and reimbursement of litigation bills must be authorized.
If the Settlement is authorized by the Court docket, no additional motion is required by present CAAS stockholders. As a result of the Settlement is non-monetary, CAAS stockholders do not need to submit a declare kind or take some other motion in reference to the Settlement. Administration expects the influence of the swimsuit on the Firm’s consolidated monetary statements to be immaterial.
Any objections to the proposed Settlement and/or Plaintiffs’ Counsel’s utility for an award of attorneys’ charges and reimbursement of litigation bills, should be filed with the Register in Chancery and delivered to Plaintiffs’ Counsel and Defendants’ counsel and acquired no later than January 26, 2021, in accordance with the directions set forth within the Lengthy-Type Discover.
Plaintiffs’ Counsel is Eric L. Zagar, Esq., Kessler Topaz Meltzer & Verify, LLP, 280 King of Prussia Street, Radnor, PA 19087. Defendants’ counsel is c/o Winston & Strawn LLP, forty second Ground, Financial institution of China Tower, 1 Backyard Street, Central, Hong Kong.
On January 7, 2019, three purported stockholders of the Firm filed a stockholder by-product criticism on behalf of the Firm in opposition to the Firm’s administrators Hanlin Chen, Qizhou Wu and Guangxun Xu and former administrators Arthur Wong and Robert Tung within the Delaware Court docket of Chancery. The criticism alleged that the administrators had (a) breached their fiduciary duties by approving and paying extreme compensation to the non-employee administrators of the Firm, Arthur Wong, Guangxun Xu and Robert Tung, and (b) did not make full and correct disclosure of all materials data with respect to director qualification and director compensation paid in 2017 within the Firm’s annual proxy assertion on Schedule 14A filed on October 10, 2018. The administrators have engaged their very own counsel to reply this criticism. The administrators of the Firm will proceed to reply this criticism.
Postcards have been mailed to all shareholders concerning this listening to and every shareholder has the precise to attend this listening to. Copies of the Settlement and the Lengthy-Type Discover can be found for evaluate on the “Information Launch” part of www.caasauto.com.
About China Automotive Techniques, Inc.
Based mostly in Hubei Province, the Individuals’s Republic of China, China Automotive Techniques, Inc. is a number one provider of energy steering elements and programs to the Chinese language automotive trade, working by ten Sino-foreign joint ventures. The Firm gives a full vary of steering system elements for passenger vehicles and business automobiles. The Firm at the moment gives 4 separate sequence of energy steering with an annual manufacturing capability of over 6 million units of steering gears, columns and steering hoses. Its buyer base is comprised of main auto producers, resembling China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Firm Restricted, Beiqi Foton Motor Co., Ltd. and Chery Vehicle Co., Ltd. in China, and Chrysler Group LLC and Ford Motor Firm in North America. For extra data, please go to: http://www.caasauto.com.
Ahead-Trying Statements
This press launch accommodates statements which are “forward-looking statements” as outlined below the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements symbolize our estimates and assumptions solely as of the date of this press launch. These forward-looking statements embody statements concerning the qualitative and quantitative results of the accounting errors, the intervals concerned, the character of the Firm’s evaluate and any anticipated conclusions of the Firm or its administration and different statements that aren’t historic information. Our precise outcomes might differ materially from the outcomes described in or anticipated by our forward-looking statements resulting from sure dangers and uncertainties. Because of this, the Firm’s precise outcomes may differ materially from these contained in these forward-looking statements resulting from a variety of components, together with these described below the heading “Threat Components” within the Firm’s Type 10-Ok annual report filed with the Securities and Alternate Fee on March 28, 2019, and in paperwork subsequently filed by the Firm every so often with the Securities and Alternate Fee. If the outbreak of COVID-19 just isn’t successfully and well timed managed, our enterprise operations and monetary situation could also be materially and adversely affected on account of the deteriorating market outlook for car gross sales, the slowdown in regional and nationwide financial progress, weakened liquidity and monetary situation of our clients or different components that we can’t foresee. Any of those components and different components past our management, may have an adversarial impact on the general enterprise surroundings, trigger uncertainties within the areas the place we conduct enterprise, trigger our enterprise to endure in ways in which we can’t predict and materially and adversely influence our enterprise, monetary situation and outcomes of operations. A chronic disruption or any additional unexpected delay in our operations of the manufacturing, supply and meeting course of inside any of our manufacturing amenities may proceed to end in delays within the cargo of merchandise to our clients, elevated prices and decreased income. We expressly disclaim any responsibility to supply updates to any forward-looking statements made on this press launch, whether or not on account of new data, future occasions or in any other case.
For additional data, please contact:
Jie Li
Chief Monetary Officer
China Automotive Techniques, Inc.
E-mail: [email protected]
Kevin Theiss
Awaken Advisors
+1-212-521-4050
E-mail: [email protected]
SOURCE China Automotive Techniques, Inc.
